|
|
Oil prices rose 1% as US inflation easedWith US inflation increasing at the slowest pace in more than two years, fewer rate hikes are needed this year. As a result, the US dollar depreciated to 15-month lows, further supporting crude oil prices. |
|
International benchmarks for crude oil rose about 1% on Thursday, 13 July 2023 to record its highest reading in nearly three months after data showed US inflation continued to subside in June, prompting expectations that the tightening monetary cycle in the world’s largest economy might be nearing the peak.
The Federal Reserve has lifted key interest rates 10 consecutive times since March 2022 to arrest the raging inflation stemming from surging energy and commodity prices. With US inflation increasing at the slowest pace in more than two years, fewer rate hikes are needed this year. As a result, the US dollar depreciated to 15-month lows, further supporting crude oil prices.
Brent crude went up $1.25 or 1.6% at $81.36/barrel.
West Texas Intermediate climbed $1.14 or 1.5% amounting to $76.89/barrel.
